FxWirePro: USD/JPY maintains bullish bias with focus on 108.00 levels
USD/JPY rose on Thursday as traders widely watched how new president Donald Trump’s policies could affect economic growth. The dollar quickly regained its footing in choppy trade, helped in part by Trump's acceptance spe…
USD/JPY rose on Thursday as traders widely watched how new president Donald Trump’s policies could affect economic growth.
The dollar quickly regained its footing in choppy trade, helped in part by Trump's acceptance speech, which focused on unity and economic growth.
Trump's positive tone boosted market expectations that the Federal Reserve will raise interest rates in December.
Further downside is expected to be limited as the pair finds strong support at 105.65 should limit further decline and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 107.52, a break above this level would take the pair towards next resistance level at 108.19.
To the downside immediate support can be seen at 106.46, a break below this level will open the door towards next level at 105.65.
